TL;DR
- OpenEden and Axcess announced a partnership to improve capital efficiency in institutional credit through USDO and United Stables’ $U.
- Axcess will hold first-loss collateral buffers in USDO to generate Treasury-backed yields for the duration of the facilities.
- Borrowers who opt into the integration will receive $U directly in their trading accounts, reducing their net borrowing costs.
OpenEden and Axcess formalized a partnership aimed at improving capital efficiency in the institutional credit facilities operated by the lending platform.
The agreement establishes that Axcess will hold the first-loss collateral buffers of its borrowers —as well as a portion of its treasury— in USDO, OpenEden’s yield-bearing stablecoin, 100% backed by tokenized U.S. Treasuries and pegged 1:1 to the dollar.
OpenEden is partnering with Axcess to make capital more productive across institutional credit facilities.@axcess_finance will hold borrowers’ first-loss collateral buffers and part of its treasury in $USDO, earning Treasury-backed yield while keeping the buffers available to…
— OpenEden (@OpenEden_X) September 30, 2026
Axcess connects institutional lenders with trading firms and market makers, granting borrowers credit in USDC that can be deployed directly into their exchange accounts. Before withdrawing funds, each borrower must deposit a first-loss collateral buffer.
With the new integration, those buffers will be denominated in USDO, allowing Axcess to generate yield on those assets throughout the entire life of the facility, without sacrificing their function as coverage against potential defaults.
OpenEden: Capital that Works at Every Stage of the Cycle
The partnership also opens a path for borrowers to reduce their net borrowing costs. For those who opt into the mechanism, Axcess converts the disbursed USDC into United Stables’ $U through OpenEden and delivers it directly to the borrower’s trading account.
$U functions there as trading collateral and accrues a distribution reward, while OpenEden and Axcess manage conversions in both directions so the borrower can operate without interruption.
USDO is issued by OpenEden Digital under a Class F license from the Bermuda Digital Asset Business Act. Its yield comes from the underlying reserves in tokenized Treasuries. Jeremy Ng, founder and CEO of the firm, noted that “tokenized assets must serve the operational needs of lending platforms and the trading needs of their users” in order to integrate into everyday institutional financing.
In previous integrations, USDO and cUSDO already operated as collateral that clients deposited with exchanges, prime brokers, and custodians.
